23. Which one of the following can best be characterized as an agency problem A differing opinions among directors as to the merits of paying a higher dividend B. geological problems in the company's new gold mine. c. persistently late delivery times by a major supplier. D. differing incentives between managers and owners. 24. The term "capital structure" refers to: A. the types of assets a firm acquires. B. the length of time needed to repay debt. C. the mix of debt and equity financing. D. whether or not the firm invests in capital budgeting projects. 25. A balance sheet may be considered backward-looking from the perspective that it: A records costs over many previous periods. B. cannot forecast the future. C. works backward, starting with net income. D. records historic, not current values. 26. When the yield curve is upward sloping, then: A. long-maturity bonds increase in price when interest rates increase. B. short-maturity bonds offer the highest coupon rates. C. short-maturity bonds yield less than long-maturity bonds. D. long-maturity bonds are priced above par value